Your Online Student Loan

The process of applying for and receiving financial aid for college is much different than it was ten or more years ago.  The days of poring over paper forms and handwriting information are virtually gone, making it possible to apply for and receive an almost entirely online student loan.

Researching Lenders
You can find just about all of the information you need about student loans and lenders via the internet.  The federal student aid program has a terrific web site that contains great detail about federal programs.  They offer planning guides, workbooks for students and parents alike, and online completion and submission of required forms.  Most private lenders maintain informational websites as well, usually containing information about the application process, terms and conditions of student loans, and eligibility requirements.

Submitting Applications
Going online for a student loan makes it extremely easy to submit your applications.  Inputting information via computer is much faster and easier than the old fashioned way of handwriting it in, plus many online forms are set up to help you spot mistakes and missing information.  Because online applications are so much quicker to complete you will likely be done in near record time.

Receiving Funds
An online student loan also makes it much easier for the lender to transfer the money to you once the loan is approved.  Direct deposit is the most common method used, followed closely by electronic transfer directly to the school in your name and on your behalf. 

Repayment
The ease and convenience of an online student loan continues into the repayment stage as well.  Most lending entities, whether federal or private, make it easy for you to arrange direct debit of payments from your bank account; in fact, some offer financial incentives if you do so.  Alternatively, most banks offer some sort of online bill paying service, which also makes it easy for you to make your monthly student loan payment.